Renting or Owning
What is a lease?
A lease is a contractual agreement where one party (the lessor) grants another party (the lessee) the right to use an asset (like property, a vehicle, or equipment) in exchange for periodic payments (rent) for a specified period, outlining the terms and conditions of that use
What are the 3 percentage’s of budgeting?
What is 50% of income to needs
30% to wants and
20% to savings
What are the responsibilities of Adulthood?
Paying your bills, Being responsible for your actions, paying your taxes, Caring for yourself and your family, Feeding your family, Being proactive and fight procrastination, Being honest and law abiding, managing finances, Communicate openly, Employment, Managing your health
What are the 5 stages of the family life cycle?
1) Family Foundings
2) Child Bearing
3) Child Rearing
4) Child launching
5) Empty Nest
Name some Challenges of being a Adult
Identity exploration, Instability, Feelin in-between, Self-focused, The age of Possibilities, Social Isolation, Substance Abuse, Depression, Intimate Relationships, mental Health Problems, Seperation from parents, Academic and Career pressures, Anxiety, Career uncertainty, Emotional and Mental Resilience, Establishing independence, Financial pressures, Reducing stigma
What are the the steps to rent an apartment ?
Pay Last month’s rent The pay your security deposit and first month’s rent
What is the 70-10-10-10 budget rule ?
The rule is for every dollar you earn or are given, you should save 10%, share 10%, invest 10% and spend 70%
You need to provide for yourself! What is this responsibility?
What is Paying your bills
True or False
If you grew up in a unhealthy or dysfunctional family, It drastically and permanently altered the course of your life
What is True
This transition into Adulthood is marked by a profound search of what?
A unique indentity
True or False in order to own a car or a house, you have to make payments
What is True
What is the $27 rule?
Trick Question:
Instead of thinking about saving $10,000 a year, try focusing on saving $27.40 per day, what is also known as the 27.40 rule, because $27.40 multiplied by 365 equals to $10,001
This responsibility has to do with avoiding awkwardness or tension, what is this Responsibility?
What is Open Communication
What are the 4 parenting styles and how do they affect you
Permissive: Permissive parents take pride in themselves on being their child’s best friend, these parents are warm and nurturing with open communication
Authoritative: Authoritative parents is often considered the ideal style of parenting, for it’s combination of warmth and flexibility while still making it clear that the parents are in charge
Authoritarian: Authoritarian parents use strict rules, high standards, and punishment to regulate the child’s behavior
Neglectful: Neglectful parents fulfill the child’s basic needs, but then pay little attention to the child
Building this type of relationship is formed and maintained by a foundation, Young Adults encounter this step into Adulthood
What is Intimate Relationships
True or False
Having a good credit score is a important part of renting or buying and why?
What is True
Because a lot car dealerships and apartment complexes do a credit check before they approve your application
What is the $1,000,000 rule ?
According to Google, if you have a retirement savings of 1 million dollars in your savings, the 4% rule says you can safely withdraw $40K per year during the first year
A modern phrase for paying your bills, long to work, paying taxes, and prioritizing spending and time management.
What is “Adulting”
What are the 4 Family Communication Patterns?
Consensual
Pluralistic
Protective
Laissez-Faire
This is a stage of grief and bereavement often returns on certain/special occasions
What is Depression
Name two ways to build credit
1:get a credit card and pay the bill
2: get a house bill like electricity or water in your name and pay the bill
What is the golden rule of money?
The golden rule of money is pay yourself first, meaning set aside some money for savings before spending it on anything else
Everyone has different responsibilities, but typical responsibilities include what ?
What is Caring for yourself and your family; paying your bills; and keeping a roof over your head
What is the difference between Paternal and Maternal?
Maternal: A person’s Maternal parents are their mother’s side Awhile
Paternal: is the father’s parents are from their father’s side
There 5 major struggles during Adulthood what are they?
Identity, Instability, Being Self-Focused, Feeling in-between and new possibilities